In today’s digital age, the allure of do-it-yourself estate planning is strong. With countless form documents available online, it seems easier and cheaper to handle estate planning on your own. However, as with many things in life, what seems like a simple solution can turn into a complex problem. Let’s explore the potential pitfalls of…
Continue reading ›Freelancers and gig workers represent a significant portion of the workforce, bringing unique challenges and opportunities, especially when it comes to estate planning. Let’s dive into some essential estate planning tips tailored for those in the freelance or gig economy. Understanding Freelance and Gig Work Freelancers, essentially self-employed individuals, contract their services on a per-project…
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Portability is an essential concept in estate planning, allowing spouses to combine their estate and gift tax exemptions. This strategic tool ensures that a surviving spouse can utilize any unused estate tax exemption from their deceased partner, thereby maximizing the available exemption to protect their assets from excessive taxation. What is Portability? Portability enables a…
Continue reading ›Estate planning often conjures images of vast lands and sprawling mansions, reserved only for the exceedingly wealthy. However, the reality couldn’t be further from the truth. An estate encompasses much more than just real estate; it includes your home, bank accounts, brokerage accounts, and life insurance policies. Essentially, estate planning is about making decisions today…
Continue reading ›Creating a revocable trust is a wise decision in managing your estate. However, the journey doesn’t stop there. Here’s what you should do next to ensure your estate is handled exactly as you wish. Step 1: Adding Your Assets to the Trust Once your trust is set up, you must transfer your assets into it.…
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